Image Sensor Market worth 24.80 Billion USD by 2023

According to the new market research report on the "Image Sensor Market by Technology (CMOS, CCD), Processing Type (2D, and 3D), Spectrum (Visible, and Non- Visible), Array Type (Linear, and Area), Vertical (Automotive, Consumer Electronics, Industrial), and Geography - Global Forecast to 2023", this market was valued at USD 14.19 Billion in 2017 and is projected to reach USD 24.80 Billion by 2023, at a CAGR of 9.75% between 2017 and 2023. Major factors driving the growth of the image sensor market include the increasing penetration of image sensors in automobiles, the trend of miniaturization and dual camera in smartphones and tablets and demand for improved medical imaging solutions.

Consumer electronics is expected to hold the largest market share by 2023

Consumer electronics is the largest market for the image sensor industry. The major factor for this huge market is the advancements in the CMOS technology, which have tremendously increased the penetration of image sensors into consumer electronics such as smartphones and tablets. Smartphones and tablets accounted for a share of more than 85% of the overall image sensor market for consumer electronics. Enhanced smartphone cameras, along with the inclusion of secondary camera and dual camera, have expanded the image sensor market.

3D image sensors to grow with the highest growth rate during the forecast period

3D image sensors find its application in fast-growing applications such as ADAS, machine vision, and computer vision. Another driver that is expected to drive the market for 3D image sensors is artificial intelligence in smartphones. Some companies, such as Apple, are already working on the inclusion of 3D image sensors in smartphones, and other smartphone manufacturers are expected to follow the same trend.

APAC to be the largest market for image sensors by 2023

Demand for image sensors is mainly driven by consumer electronics application, which includes smartphones and tablets, cameras, computers, and wearable electronics. With the increasing demand for dual cameras in smartphones and tablets, the demand for image sensors is expected to increase further. Automotive is another application that will contribute to the growth of the image sensor market in APAC, mainly in China. The development of advanced driver assistance system (ADAS) for automotive application is also expected to boost the demand for image sensors.

The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. Key players in this market are Sony (Japan), Samsung (South Korea), OmniVision (US), On Semiconductor (US), Panasonic (Japan), Canon (Japan), SK Hynix (South Korea), STMicroelectronics (Switzerland), Pixart Imaging (Taiwan), PixelPlus (South Korea), Hamamatsu (Japan), ams (Austria), Himax (Taiwan), Teledyne (US), and Sharp (Japan).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.